01-10-2015
Axiall Corporation sells aromatics business to INEOS Americas
Axiall Corporation, a leading integrated chemicals and building products company, has sold its Aromatics division and Pasadena, Texas, manufacturing facility to INEOS Americas LLC for approximately $62.9 million in cash, of which $52.4 million was paid at closing and an additional $10.5 million may be payable upon satisfaction of certain conditions. The transaction became effective end of day on Sept. 30, 2015.
Axiall retained its phenol facility located in Plaquemine, La., which is integrated with other Axiall facilities at Plaquemine, along with the associated net working capital. The company plans to conduct a safe wind-down of that facility by year-end 2015.
The Pasadena facility, which began operations in 1979, manufactures cumene. Cumene is used in the production of phenol, acetone and alpha-methylstyrene, all of which are building blocks for a range of everyday products including plywood and oriented strand board, engineered plastics, pharmaceuticals, and paints, acrylics and varnishes.
“As we refine our portfolio, we are pleased to have reached an agreement to sell our aromatics business to INEOS,” said Axiall Interim President and CEO Tim Mann. “This is our second divestiture of non-core assets in 2015, following the February sale of our phosgene business, both of which allow us to better focus on our core chloro-vinyls, derivatives and specialties businesses.”
INEOS Phenol is a major producer of phenol and acetone. INEOS Americas LLC operates a phenol plant in Mobile, Ala. Other INEOS manufacturing sites in the United States are located in California, Florida, Louisiana, Massachusetts, New Mexico, Ohio and Texas.
“We are very pleased to have completed this acquisition. Bringing together the cumene plant with our own facilities and the transfer of the phenol and acetone business to our unit in Mobile presents an excellent opportunity to further improve our competitiveness,” said Hans Casier, CEO INEOS Phenol. “These are good quality, well placed assets, complemented by a very experienced operations team and high safety, health and environmental standards.”
News Category:
-
Beyond processbook & PI vision: Exploring today’s industrial analytics tools
(Webinar) - In the Manufacturing 4.0 era, industrial organizations have more data at their fingertips than ever, offering the promise of higher production rates, more ...
04-06-2024
-
MOL inaugurates its polyol complex in Tiszaújváros
MOL's EUR 1.3 billion polyol complex in Tiszaújváros, boasting a capacity of around 200,000 tonnes of polyol per year, has been inaugurated. The ceremony, addressed ...
15-05-2024
-
NEXTCHEM completes the acquisition of GasConTec
Further to the announcement made on 4 March 2024, MAIRE announces that NEXTCHEM has finalized the acquisition of 100% of GasConTec GmbH, an innovative company specialized ...
15-05-2024
-
KBR awarded digital solutions contract by OCI
KBR announced today it has been awarded a contract by OCI Global to design and deploy its proprietary operator training simulator for OCI's 3,000 metric tonnes ...
13-05-2024
-
Worley awarded Bayou Bend CCS carbon capture and storage facility contract
We’ve been selected to design and evaluate CO2 gathering, handling and sequestration facilities located along the Gulf Coast in Southeast Texas. Bayou Bend ...
13-05-2024
-
Black & Veatch delivers feasibility study for Andes Energy LNG Terminal
Global liquefied natural gas (LNG) infrastructure solutions leader Black & Veatch has completed a feasibility study for the planned Andes Energy Terminal, LNG regasification ...
09-05-2024
-
Shell to sell interest in Singapore Energy and Chemicals Park to CAPGC
Shell Singapore Pte Ltd, a subsidiary of Shell plc, has reached an agreement to sell its Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd., a joint venture company ...
08-05-2024
-
Integrated Global Services recognized for role in mega turnaround
Integrated Global Services has been recognized as a major contributor to the successful Ras Tanura Refinery 2024 Mega Turnaround and Inspection for Saudi Arabian Energy ...
08-05-2024
-
Ebara Elliott Energy to provide compressor for SAF project in Thailand
Ebara Elliott Energy, formerly Elliott Group, announces it has been contracted to provide a motor-driven recycle compressor with a variable frequency drive (VFD) for ...
07-05-2024
-
ETH Zurich select hte to provide high throughput test system designed for CO2 electroreduction
hte – the high throughput experimentation company was awarded a contract by the technical university ETH Zurich to provide a high throughput test system designed for ...
07-05-2024